Base metal stocks Articles

LIVE FUTURES REPORT 23/04: Comex copper descends amid dollar surge

April 24, 2019 / Staff reporter

Comex copper prices were dragged lower on Tuesday April 23 morning in the United States, with a surging dollar and concerns over Chinese growth weighing on the base metals complex.The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down by 2 cents to $2.8815 per lb. The red metal has been unable to set a clear price direction over the past few weeks...Read More

LME may enforce responsible sourcing for listed brands

April 24, 2019 / Staff reporter

Metal brands deliverable on the London Metal Exchange will have to comply with international standards for responsible sourcing by the end of 2020, if a consultation by the exchange is approved by market members, Fastmarkets has heard.The LME launched a consultation on Tuesday April 23, proposing that it apply guidance set up by the Organization for Economic Co-operation & Development (OECD) that...Read More

Chinese scrap importers can apply for quotas from mid-May - CMRA

April 24, 2019 / Staff reporter

Scrap metal importers in China can apply for import quotas starting in mid-May after the government rejected plenty of applications earlier this year, the industry lobby group China Nonferrous Metals Industry Association's (CMRA) Recycling Metal Branch said.The statement, filed on Friday April 19, details that eligible scrap importers could prepare the documents for quota application before new re...Read More

Ferrous scrap price drop, demand slump hit US wire rod prices

April 24, 2019 / Staff reporter

Declining raw material costs and a slowdown in demand have caused spot prices to fall in the US cold-heading quality (CHQ) and high-carbon wire rod markets, sources have told Fastmarkets AMM. Fastmarkets' price assessment for cold-heading quality wire rod declined to $45 per hundredweight ($900 per short ton) North American delivered duty paid Great Lakes region on Monday April 22, while the ...Read More

US domestic plate price slips; market searches for bottom

April 24, 2019 / Staff reporter

Plate prices in the United States have fallen to their lowest point in more than a year on weak demand, increased imports and shorter mill lead times.Fastmarkets AMM's price assessment for domestic cut-to-length plate dropped to $45.50 per hundredweight ($910 per short ton) on Monday April 22, off by 1.1% from $46 per cwt previously and down by 7.1% from $49 per cwt at the beginning of the ye...Read More

CIS LONG STEEL: Wire rod prices down $5 per tonne in slow market

April 24, 2019 / Staff reporter

The price of mesh-quality wire rod exported from the Commonwealth of Independent States (CIS) has decreased by $5 per tonne over the past week, sources told Fastmarkets on Tuesday April 23.Fastmarkets' weekly assessment of the price of CIS export wire rod was $500-510 per tonne fob Black Sea on April 23, moving down from $505-515 per tonne fob a week earlier.Limited demand for finished steel in...Read More

CIS STEEL SLAB: Prices down $5 per tonne on weak Turkish demand

April 24, 2019 / Staff reporter

The price for steel slab exported from the Commonwealth of Independent States has softened by $5 per tonne week on week, amid low demand and reduced market activity because of the long Easter holiday weekend, market participants told Fastmarkets on Tuesday April 23.Fastmarkets' weekly price assessment for CIS export slab was $470-480 per tonne fob Black Sea on April 23, down from $475-485 per tonn...Read More

GULF FLAT STEEL IMPORTS: Prices drop on limited demand

April 24, 2019 / Staff reporter

Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia dropped over the past week due to limited demand, sources told Fastmarkets on Tuesday April 23.End-user demand has been weak recently, so buyers have been unwilling to place orders for large tonnages, they added.The Islamic holy month of Ramadan, when business normally slows down, starts in early...Read More

Egyptian re-rollers ask government to rethink billet import duties

April 24, 2019 / Staff reporter

Rebar producers that re-roll billet in Egypt have appealed to the Egyptian government to reconsider a recently imposed safeguard duty on imports of the semi-finished product.The country's Ministry of Trade & Industry began imposing a temporary import duty of 3-15% for billet on April 15, in addition to a 25% tariff on rebar, following an investigation that began at the end of last month. The provi...Read More

IRON ORE DAILY: Robust trading activity continues on SGX 65% Fe derivative

April 24, 2019 / Staff reporter

Physical iron ore prices stayed rangebound on Tuesday April 23 while the 65% Fe derivative on the Singapore Exchange traded actively.MB 62% Fe Iron Ore Index: $94.53 per tonne cfr Qingdao, up $0.05 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.31 per tonne cfr Qingdao, up $0.05 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.88 per tonne cfr Qingdao, up $0.13 per tonne. MB 58% Fe Premiu...Read More

COKING COAL DAILY: Second-tier product prices pick up strength

April 24, 2019 / Staff reporter

The second-tier segment of the seaborne coking coal market took the spotlight on Tuesday April 23, with a transaction being concluded above prevailing prices.A cargo of second-tier hard coking coal, scheduled for loading in end-April, was sold to an end user in Guangxi Zhuang Autonomous Region at $191 per tonne cfr China during the day, sources told Fastmarkets.This is $7 per tonne higher than a s...Read More

NAIS 2019: Egypt to face short-term shortage of DR pellet

April 24, 2019 / Staff reporter

Egypt, the largest consumer of direct reduced (DR) grade pellets in North Africa, may face a short-term pellet shortage as a result of Vale's production cuts, Fastmarkets heard at the North Africa Iron & Steel Summit in Cairo on April 16-17."There will be a challenge in the next few months to secure DR pellets [a feedstock for direct-reduced iron making] as a knock-on effect of Vale's accident," o...Read More

LME no longer fast-tracking cobalt for responsible sourcing standards

April 24, 2019 / Staff reporter

The London Metal Exchange has abandoned a planned accelerated timeline for its cobalt contract to meet new responsible sourcing principles, chief executive officer Matthew Chamberlain said on Tuesday April 23. This comes as the LME launched a formal market-wide consultation on proposed rules for the application of responsible sourcing principles to all LME-listed brands. These rules build on the s...Read More

Improvement in China auto sales could support lead price, ICBC says

April 24, 2019 / Staff reporter

Lead prices can find support from any improvement of auto sales in China, while the contraction in automotive sales is losing momentum, ICBC Standard Bank said in a research note on April 17."Any improvement in the autos sector would present an important change for both lead and palladium [prices]," ICBC Standard Bank, a leading financial market and commodities bank, said.The lead cash price on th...Read More

Delays in EV, energy-storage markets reduces demand for cobalt-containing cathodes - Umicore

April 24, 2019 / Staff reporter

Negative pressure arising from delays in the electric vehicle (EV) and energy storage markets have reduced the demand for Umicore's cobalt cathodes materials, Umicore chief executive officer Marc Grynberg said during a conference call on Tuesday April 23.The previous projections of 100,000 metric tonnes of cathode materials sales in 2019 and 175,000 metric tonnes of capacity by the end of 2021 are...Read More

China's Greatpower to produce nickel sulfate by end-2019 in anticipation of EV boom

April 24, 2019 / Staff reporter

Chinese battery producer Greatpower Technology Co plans to produce 30,000 tonnes per year of battery-grade nickel sulfate and cobalt sulfate by the end of 2019. Greatpower's projected nickel sulfate production target has been announced in tandem with plans to double cobalt sulfate output by the same deadline from 15,000 tpy of the material now being produced. Nickel sulfate will be produced at Gre...Read More

LME base metals prices remain under pressure despite record-setting US equities

24 April 2019 / Staff reporter

Trading across most of the base metals is leading to price weakness – this despite record-setting levels seen in the S&P 500 and Nasdaq Composite on Tuesday. The exception is aluminium, where prices have been edging higher in recent days.Base metals Three-month base metals prices on the London Metal Exchange were for the most part little changed during morning trading on Wednesday April 24, w...Read More

Tech Talk for Wednesday April 24th 2019

24/04/2019 / Staff reporter

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.U.S. equity indices are testing their all-time highs. All-time inter-day high for the S&P 500 Index is 2940.91. All-time inter-day high for the NASDAQ Composite Index is 8,133.30.Caterpillar slipped $2.21 to $139.82 despite reporting higher than consensus first quarter sales and earnings....Read More

LIVE FUTURES REPORT 22/04: Comex copper prices soften to open new week

April 23, 2019 / Staff reporter

The US copper market began trading in the red on Monday April 22, with market participants bearish despite a softer dollar and growing optimism of a breakthrough in American and Chinese trade talks.The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down by 1.8 cents to $2.902 per lb. "Risk sentiment has had a negative start despite reports Chi...Read More

SHFE STOCKS REPORT 19/04: SHFE base metals stocks all decline; lead bucks trend with slight increase

April 23, 2019 / Staff reporter

Base metals stocks, barring those for lead, held in Shanghai Futures Exchange warehouses declined in the week ended Friday April 19.Copper stocks at SHFE-approved sheds fell by 3.4% or 8,444 tonnes last week to total 236,734 tonnes on April 19, marking the third consecutive weekly decline. Stocks had totaled 261,412 tonnes on March 29.The drawdown in red metal stocks follows the start of the secon...Read More